During the year, 49 active equity funds issued "purchase restriction orders". Why do fund managers "have money but not make money"?

　　Since February 2, Wanjia Selection (519185), managed by last year's stock fund champion Huang Hai, has suspended large-amount purchases, with a single-day purchase limit of 1 million yuan.

According to Wind data, its sub-category fund Wanjia Selection A won the fourth place in active equity funds with a performance of 35.51% in 2022, and it is also the champion of partial stock mixed fund subdivision types.

　　The reporter noticed that since the beginning of this year, 49 active equity fund products (calculated separately for different shares) have taken the initiative to "limit the flow", announcing the suspension of large-amount purchases and regular fixed-amount investment businesses.

Industry insiders believe that most of the fund purchase restrictions are to protect the interests of existing holders, and it will become more normalized in the future. Investors are advised to make investment plans and rationally choose the appropriate investment time point.

"Champion Fund" ushered in purchase restrictions

　　A few days ago, Wanjia Fund issued an announcement stating that its Wanjia Selection will suspend large-amount purchases, conversions and transfers, and regular fixed-amount investment businesses from February 2, and the investment limits for both types of shares are set at no more than 1 million yuan.

The fund is managed by Huang Hai, the champion of active equity funds in 2022.

　　In 2022, when the sector is rotating and the market is volatile, the products managed by Huang Hai won the first and second place in the performance list of active equity funds. This "dominant screen" performance also made his every move attract market attention.

And Wanjia Selection A, which has been suspended for large-amount purchases this time, once ranked fourth in the 2022 active equity fund performance list.

　　According to Wind data, as of February 1, Wanjia Selection A and C have accumulated net worth growth rates of 5.95% and 5.89% respectively this year.

From the perspective of fund size, as of the end of the fourth quarter of 2022, the total fund size of this product is 933 million yuan, a year-on-year increase of more than 40%.

　　As for the reasons for the "purchase restrictions" of fund products, a person from a large public offering fund told reporters that there are many reasons for the restrictions on fund subscription and redemption, which need to be analyzed on a case-by-case basis.

Generally speaking, "purchase restrictions" are often used to actively control the scale, so as to avoid the influx of large sums of money from diluting investment returns.

　　He believes: "This actually has a lot to do with the timing of the market, the characteristics of the product itself, and the capabilities of the team. If too much capital is purchased in a short period of time, the fund scale will increase too fast, which may disrupt the investment thinking of the fund manager. , will affect the quality of product management.”

　　"We are relatively normal about the scale, and we will use a longer-term perspective to do long-term correct things." Huang Hai also talked about his views on scale in an exclusive interview with reporters before, "Too large scale will indeed have some impact on the adjustment of positions. From the perspective of people's interests first, we did not pursue scale too much."

　　At the same time, he also pointed out that China's asset management market is large enough, and if the scale becomes large, it will adjust its strategy according to the scale and gradually disperse it.

"The current concentration is also staged. There are not so many good choices in the bear market stage, but when the market turns better, we will still choose more high-quality targets for decentralized allocation." Huang Hai said.

49 active equity funds

　　Since 2023, with the gradual recovery of the market, the market trading sentiment has also increased. Many fund products have chosen to "limit the flow", and successively issued announcements to implement large-amount purchase restrictions.

According to Wind data, based on the starting date of the suspension of subscription, as of February 2, 2023, 49 active equity fund products (calculated separately for different shares) have suspended large-amount subscriptions.

　　Among them, the core competitiveness of investment promotion managed by Zhu Hongyu has the most number of purchase restrictions. It has issued three "purchase restriction orders" this year.

The announcement shows that since February 1, the core competitiveness of China Merchants has restricted large-scale purchases (including regular fixed investment) and conversions into business, and limited the amount of regular fixed investment to 10,000 yuan.

　　This is the fourth time that China Merchants has announced restrictions on large purchases since the establishment of its core competitiveness.

Prior to this, the product had announced "purchase limits" of 1 million yuan, 100,000 yuan, and 50,000 yuan on October 19, 2022, January 11, and January 16, 2023, respectively.

　　According to channel sources, the rapid growth of scale is the main reason for the multiple purchase restrictions on China Merchants' core competitiveness. The scale of this product is currently around 10 billion yuan.

Wind data shows that the total size of the fund has risen from 754 million yuan at the time of issuance to 6.175 billion yuan by the end of 2022.

　　This also means that as of now, although the core competitiveness of China Merchants has been established for less than a year, its scale has increased by more than 12 times.

In fact, Zhu Hongyu also admitted frankly in the latest Four Seasons Report, "The position of this product has been greatly diluted due to large purchases at the end of the third quarter of 2022."

　　The reason why it is so popular with investors may be due to the performance of the product.

According to Wind data, the core competitiveness of China Merchants was established in April 2022. At that time, it coincided with the rebound of A shares.

　　In addition, when the reporter checked the announcement, he found that many fund products managed by star fund managers also announced restrictions on large-amount purchases.

For example, Rongtong Health Industry managed by Wanminyuan has restricted the purchase amount to no more than 10 million yuan; Tian Wenzhou and Zheng Chengran’s management of GF Growth New Kinetic Energy Mix has restricted the purchase amount to no more than 10,000 yuan since January 19.

　　From the performance point of view, among the above-mentioned "restricted purchase" active equity fund products, they have all achieved positive returns since the beginning of 2023. Among them, 29 products have accumulated returns of more than 5% this year, accounting for nearly 60%. Including 5 fund products whose annual performance exceeds 10%.

　　Specifically, Wind data shows that as of February 1, 2023, the cumulative net value growth rate of China Merchants Quantitative Selection A/C this year has been 11.67% and 11.61%; the annual return of Great Wall Dual Power A/C has reached 11.05%, 10.99%; the accumulative performance of Huashang New Trend Optimal during the year reached 10.18%.

　　Talking about the phenomenon of the above-mentioned fund purchase restrictions, the above-mentioned industry insiders told reporters that most of the purchase restrictions of high-quality funds are to protect the interests of existing holders, and the impact and impact of excessive growth in scale can be avoided through "current limiting". Ensure the continuity and stability of performance, thereby protecting the interests of investors.

　　On the other hand, the public offering person also pointed out, “Some investors may buy a large amount of money when they see the performance of this product rising, but the performance may not always maintain the leading position, and there may be a risk of chasing higher in stages. Purchasing restrictions can avoid chasing ups and downs to a certain extent.” In his view, the phenomenon of fund purchase restrictions will become more and more normalized in the future, and investors are advised to make investment plans and rationally choose the appropriate investment time point.